Polymarket, a prediction and betting platform, has significantly expanded its presence at 78 Crosby Street. The company has leased the fifth floor in addition to the premises already occupied on the fourth floor, bringing its total area to 12,700 square feet. Polymarket has been located in this Lower Manhattan building since 2023.
The original lease agreement for 6,350 square feet was also extended. The terms of both contracts now expire in a future year, the exact timing of which has not been disclosed. This expansion underscores the company's growth and its need for additional office capacity in a sought-after property market.
Polymarket was represented in this transaction by Emilie Goldman of JLL. The property owner, Milkystar, was advised by Nicholas Judson, Wendy McDonald, and Crosby Matthews of Judson CRE. The asking rent for the spaces was $85 per square foot, which reflects the continued increase in demand for office properties in SoHo over the past year.
Market Dynamics and Company Profile
SoHo's appeal as an office location remains high, which is reflected in rental prices. The previous use of the fourth floor is noteworthy: in 2025, a satirical version of the energy company Enron operated there, which served to introduce the fictional “Egg” as a self-sufficient nuclear energy source.
New York-based Polymarket allows users to bet on a variety of events, including sports, weather forecasts, and political developments. The 28-year-old founder and CEO, Shayne Coplan, is currently considered the world's youngest self-made billionaire. Since its founding in 2020, Polymarket has raised approximately $2 billion in capital and is now seeking further funding rounds to achieve a company valuation of $15 billion. In June, the platform recorded a trading volume of $10.7 billion via its crypto-based international exchange and $3.3 billion via its regulated US exchange. Polymarket operates under the umbrella company Blockratize.
Significance for the New York Office Market
This letting by Polymarket confirms the ongoing trend of expansion by technology and financial services companies in prime Manhattan locations. It also shows that younger, fast-growing companies are prepared to invest in high-quality office space to meet their increasing spatial requirements. The transaction contributes to the vitality of the office market in SoHo.
